Asian Stocks Outside Shanghai Advance; China Stocks Extend Slump

Asian stocks outside China rose for a second day, following gains in U.S. shares, led by industrial and financial companies. Equities in Shanghai tumbled, posting the biggest weekly drop since June 2008.

Japan’s Topix index gained 0.9 percent as the central bank maintained a record stimulus program. Commonwealth Bank of Australia posted its biggest weekly advance since March, rising 3.8 percent. The Shanghai Composite Index fell 13 percent this week amid growing concern that the country’s longest-ever bull market has propelled valuations to unsustainable levels.

The MSCI Asia Pacific Index climbed 0.4 percent to 147.05 as of 4:09 p.m. in Hong Kong, paring this week’s slide to 0.7 percent. The Standard & Poor’s 500 Index jumped 1 percent on Thursday in New York and the Nasdaq Composite Index closed at a record high after the Federal Reserve signaled it will continue to support the economy even as growth picks up.

Source : Bloomberg


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